Twice in my career, my compensation has jumped by about half twice. Not surprisingly, both jobs came via referral from a friend who worked at the new firm. More importantly, both of these guys had been unemployed for some time.
While it certainly can’t hurt to hang with people who already have juicy jobs, there is something counterintuitively opportunistic about picking up the check for with someone without a gig. This guy isn’t just open to opportunities, he is actively looking for openings in a way you aren’t. His full time job is to find one.
If a place is hiring, there’s a chance it’s not just one single position that needs to be filled. So aside from being a good person and treating your buddy to lunch, there might be a crass benefit on the other side.